Massachusetts General Laws ch. 158 sec. 32 – Commencement of business; payment of capital stock
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Section 32. A corporation shall not begin business until the whole amount of its capital stock has been paid in and a certificate of that fact, and of the manner in which the same has been paid in and, at the time of making the certificate, been invested or voted by the corporation to be invested, signed and sworn to by the president, treasurer and a majority of the directors, has been filed in the office of the state secretary.
Terms Used In Massachusetts General Laws ch. 158 sec. 32
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- state secretary: means the secretary of the commonwealth. See Massachusetts General Laws ch. 158 sec. 1